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Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the Series A Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		1,861		$		—		$		—
Amortization of deferred financing costs			81				—				—
Total interest and amortization of deferred financing costs	$		1,942		$		—		$		—

Weighted average effective interest rate			7.9	%			—	%			—	%
Weighted average outstanding balance	$		24,529		$		—		$		—

2025 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the 2025 Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		11,468		$		12,775		$		10,527
Amortization of deferred financing costs			1,948				1,990				1,584
Total interest and amortization of deferred financing costs	$		13,416		$		14,765		$		12,111

Weighted average effective interest rate			8.2	%			8.1	%			8.0	%
Weighted average outstanding balance	$		163,730		$		182,500		$		150,575

For additional information regarding the 2025 Notes, see “Note 15 – Subsequent Events.”

August 2026 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the 2026 Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		5,469		$		5,469		$		5,453
Amortization of deferred financing costs			582				577				577
Total interest and amortization of deferred financing costs	$		6,051		$		6,046		$		6,030

Weighted average effective interest rate			4.8	%			4.8	%			4.8	%
Weighted average outstanding balance	$		125,000		$		125,000		$		125,000

December 2026 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the December 2026 Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		3,188		$		3,188		$		3,188
Amortization of deferred financing costs			379				373				372
Total interest and amortization of deferred financing costs	$		3,567		$		3,561		$		3,560

Weighted average effective interest rate			4.8	%			4.7	%			4.7	%
Weighted average outstanding balance	$		75,000		$		75,000		$		75,000

March 2029 Notes

On March 28, 2024, the Company issued and sold $115.0 million in aggregate principal amount of its unsecured March 2029 Notes under its shelf Registration Statement on Form N-2, which amount includes the underwriters' exercise, in full, of their option to purchase an additional $15.0 million in aggregate principal amount of the March 2029 Notes.

The March 2029 Notes were issued pursuant to the Base Indenture and a Fifth Supplemental Indenture, dated as of March 28, 2024 (together with the Base Indenture, the “March 2029 Notes Indenture”), between the Company and the Trustee. The March 2029 Notes mature on March 30, 2029, unless repurchased or redeemed in accordance with their terms prior to such date. The March 2029 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company's option on or after March 30, 2026 upon not less than 30 days’ nor more than 60 days’ written notice prior to the date fixed for redemption thereof, at a redemption price equal to 100% of the outstanding principal amount of the March 2029 Notes, plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. In addition, if a change of control repurchase event (as defined in the March 2029 Notes Indenture) occurs prior to the maturity date of the March 2029 Notes, unless the Company has exercised its right to redeem the March 2029 Notes in full, holders will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2029 Notes at a repurchase price equal to 100% of the principal amount of the March 2029 Notes being repurchased, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The March 2029 Notes bear interest at a fixed rate of 7.875% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on June 30, 2024. The March 2029 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

The March 2029 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINZ” on April 1, 2024.

Aggregate offering costs in connection with the March 2029 Notes issuance, including the underwriters’ discount and commissions, were approximately $3.4 million, which were capitalized and deferred. As of December 31, 2024, unamortized deferred financing costs related to the March 2029 Notes were $2.9 million. There were no unamortized deferred financing costs as of December 31, 2023.

The components of interest expense and related fees for the March 2029 Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		6,868		$		—		$		—
Amortization of deferred financing costs			511				—				—
Total interest and amortization of deferred financing costs	$		7,379		$		—		$		—

Weighted average effective interest rate			8.4	%			—	%			—	%
Weighted average outstanding balance	$		87,350		$		—		$		—

September 2029 Notes

On July 19, 2024, the Company issued and sold $115.0 million in aggregate principal amount of its unsecured Notes due 2029 (the “September 2029 Notes”) under its shelf Registration Statement on Form N-2, which amount includes the underwriters' exercise, in full, of their option to purchase an additional $15.0 million in aggregate principal amount of additional September 2029 Notes.

The September 2029 Notes were issued pursuant to the Base Indenture and a Sixth Supplemental Indenture, dated as of July 19, 2024, between the Company and the Trustee (together with the Base Indenture, the "September 2029 Notes Indenture"). The September 2029 Notes mature on September 30, 2029, unless repurchased or redeemed in accordance with their terms prior to such date. The September 2029 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company's option on or after September 30, 2026 upon not less than 30 days’ nor more than 60 days’ written notice prior to the date fixed for redemption thereof, at a redemption price equal to 100% of the outstanding principal amount of the September 2029 Notes, plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. In addition, if a change of control repurchase event (as defined in the September 2029 Notes Indenture) occurs prior to maturity date of the September 2029 Notes, unless the Company has exercised its right to redeem the September 2029 Notes in full, holders will have the right, at their option, to require the Company to repurchase for cash some or all of the September 2029 Notes at a repurchase price equal to 100% of the principal amount of the September 2029 Notes being repurchased, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The September 2029 Notes bear interest at a fixed rate of 7.875% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2024. The September 2029 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

The September 2029 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINI” on July 22, 2024.

Aggregate offering costs in connection with the September 2029 Notes issuance, including the underwriters’ discount and commissions, were approximately $3.8 million, which were capitalized and deferred. As of December 31, 2024, unamortized deferred financing costs related to the September 2029 Notes were $3.4 million. There were no unamortized deferred financing costs as of December 31, 2023.

The components of interest expense and related fees for the September 2029 Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		4,075		$		—		$		—
Amortization of deferred financing costs			320				—				—
Total interest and amortization of deferred financing costs	$		4,395		$		—		$		—

Weighted average effective interest rate			8.5	%			—	%			—	%
Weighted average outstanding balance	$		51,844		$		—		$		—

Series A Notes

On October 29, 2024, the Company entered into a note purchase agreement (the “Note Purchase Agreement”) governing the issuance of (i) $55.5 million in aggregate principal amount of Series A Senior Notes, Tranche A, due October 29, 2027 (the “Series A 2027 Notes”), (ii) $73.0 million in aggregate principal amount of Series A Senior Notes, Tranche B, due October 29, 2028 (the “Series A 2028 Notes”) and (iii) $14.0 million in aggregate principal amount of Series A Senior Notes, Tranche C, due October 29, 2029 (the “Series A 2029 Notes” and, together with the Series A 2027 Notes and Series A 2028 Notes, collectively, the “Series A Notes”) to certain qualified institutional investors in a private placement.

The Series A Notes were delivered and paid for on October 29, 2024, subject to certain customary closing conditions. The Series A 2027 Notes have a fixed interest rate of 7.54% per year, the Series A 2028 Notes have a fixed interest rate of 7.60% per year and the Series A 2029 Notes have a fixed interest rate of 7.66% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the Note Purchase Agreement) or a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs. The Series A 2027 Notes will mature on October 29, 2027, the Series A 2028 Notes will mature on October 29, 2028 and the Series A 2029 Notes will mature on October 29, 2029, unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the Note Purchase Agreement. Interest on the Series A Notes will be due semiannually in April and October of each year, beginning in April 2025. In addition, the Company is obligated to offer to repay the Series A Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the Note Purchase Agreement, the Company may redeem the Series A Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if the Series A 2027 Notes are redeemed on or before August 31, 2027, the Series A 2028 Notes are redeemed on or before August 31, 2028 or the Series A 2029 Notes are redeemed on or before August 1, 2029, a make-whole premium.

The Series A Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Series A Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

Aggregate offering costs in connection with the Series A Notes issuance, including the underwriters’ discount and commissions, were approximately $1.7 million, which were capitalized and deferred. As of December 31, 2024, unamortized deferred financing costs related to the Series A Notes were $1.7 million. There were no unamortized deferred financing costs as of December 31, 2023.

The components of interest expense and related fees for the Series A Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		1,861		$		—		$		—
Amortization of deferred financing costs			81				—				—
Total interest and amortization of deferred financing costs	$		1,942		$		—		$		—

Weighted average effective interest rate			7.9	%			—	%			—	%
Weighted average outstanding balance	$		24,529		$		—		$		—

6.00% Convertible Notes due 2025

Debt Instrument [Line Items]

Summary of Carrying Value of Convertible Notes

The components of the carrying value of the Convertible Notes were as follows (in thousands):


	December 31, 2024			December 31, 2023
Principal amount of debt	$	50,000		$	50,000
Unamortized debt financing cost		(356	)		(733	)
Original issue discount, net of accretion		(249	)		(510	)
Carrying value of Convertible Notes	$	49,395		$	48,757

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the Convertible Notes were as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		3,000		$		3,000		$		3,000
Amortization of deferred financing costs and original issue discount			645				639				639
Total interest and amortization of deferred financing costs and original issue discount	$		3,645		$		3,639		$		3,639

Weighted average effective interest rate			7.3	%			7.3	%			7.3	%
Weighted average outstanding balance	$		50,000		$		50,000		$		50,000

March 2029 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the March 2029 Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		6,868		$		—		$		—
Amortization of deferred financing costs			511				—				—
Total interest and amortization of deferred financing costs	$		7,379		$		—		$		—

Weighted average effective interest rate			8.4	%			—	%			—	%
Weighted average outstanding balance	$		87,350		$		—		$		—

September 2029 Notes

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The components of interest expense and related fees for the September 2029 Notes are as follows (in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		4,075		$		—		$		—
Amortization of deferred financing costs			320				—				—
Total interest and amortization of deferred financing costs	$		4,395		$		—		$		—

Weighted average effective interest rate			8.5	%			—	%			—	%
Weighted average outstanding balance	$		51,844		$		—		$		—

KeyBank Credit Facility

Debt Instrument [Line Items]

Components of Interest Expense and Related Fees

The summary information regarding the KeyBank Credit Facility is as follows (dollars in thousands):


		Year Ended				Year Ended				Year Ended
		December 31, 2024				December 31, 2023				December 31, 2022
Stated interest expense	$		20,492		$		15,468		$		8,033
Amortization of deferred financing costs			1,061				817				766
Total interest and amortization of deferred financing costs	$		21,553		$		16,285		$		8,799

Weighted average effective interest rate			9.1	%			9.0	%			5.9	%
Weighted average outstanding balance	$		235,705		$		180,399		$		149,911